SEOUL—South Korea will begin working out the nuts-and-bolts regulations for a greenhouse gas emissions trading system to start Jan. 1, 2015, following the National Assembly’s May 2 passage of an emissions trading bill.
Agreement implemented in the European Union, said May 4 it was all but dead because of overwhelming opposition among political groups in the European Parliament.
CAPE TOWN—South Africa’s executive-level Cabinet has approved a National Cyber Security Policy Framework for South Africa, bringing the country one step closer to developing legislation to address cyberspace national security threats and combat cybercrime.
European Union member states may, but do not have to, require electronic communications services to disclose subscriber account data to intellectual property owners pursuing civil copyright infringement litigation, the European Court of Justice, third chamber, ruled April 19, 2012 (Bonnier Audio AB v. Perfect Communication Sweden AB, E.C.J., No. 10-461, April 19, 2012).
BRUSSELS—New derivatives dealer registration rules to comply with Dodd-Frank have left European banks with U.S. subsidiaries in a state of confusion and should be delayed, according to the European Commission.
U.S. CFTC Proposes That Foreign Regulators Need Not Indemnify Swap Data Repositories Under Dodd-Frank Act
The Commodity Futures Trading Commission voted 5-0 May 1 to propose an interpretative statement that in many cases would exempt foreign regulators from having to indemnify swap data repositories when seeking information from the entities, as required in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
The European Union’s controversial regulation on short selling and certain aspects of credit default swaps (Regulation) now law, following adoption by the European Parliament and the EU Council and publication in the Official Journal. The Regulation creates a harmonised, pan-EU regulatory framework for short selling and naked sovereign credit default swaps (CDS), with new powers for the European Securities and Markets Authority (ESMA) to co-ordinate actions by Member States and, where necessary, to take measures on its own.